STATE BANK OF INDIA:

State Bank Of India (NSE: SBIN) closed the week on positive note gaining around 5%.

As we have mentioned last week that the strong resistance for the stock lies in the range of 235 to 240 above which the stock can move to the levels of 255 to 260. The stock manages to hit a high of 247 during the week and close the week around the levels of 242.

Support for the stock lies in the range of 235 to 240 where 500 Daily SMA and long term trend-line support for the stock are positioned. If the stock moves below this levels the stock can drift to the levels of 220 where 1000 Daily SMA and 200 Weekly SMA are positioned.

Resistance for the stock lies in the range of 245 to 250. If the stock manages to close above the levels of 250 the stock can move to the levels of 265 where 100 Daily SMA is positioned.

Broad range for the stock in the coming week can be 220 – 225 on lower side to 255 – 260 on upper side.